Colleges and universities, philanthropic foundations, and other endowed institutional investors could see better financial returns and lower their portfolio risk by divesting from fossil fuels, according to a new report released this morning by Tellus Institute, Responsible Endowments Coalition, Sustainable Endowments Institute, and 350.org. (more…)
Archive | May, 2013
Double Feature Video Friday: The Best Board are Truly Independent & SEC Internship Program
James McRitchie, 05/31/2013 ,
Ken Olisa, former ENRC director, says companies claiming to adhere to the highest standards of corporate governance while in reality remaining under the control of the founding shareholders offend the basic precept of free markets — transparency. (more…)
Shareholder Wealth Maximization: Implementation under Corporate Law
James McRitchie, 05/30/2013 ,
No time for my own analysis, but I though readers should be aware of this recent paper. Sharfman, Bernard S., Shareholder Wealth Maximization and its Implementation under Corporate Law (May 16, 2013). Florida Law Review, Vol. 65, No. 5 (2013). Full text available at SSRN. Abstract: As its theoretical foundation, this article accepts shareholder wealth maximization […]
Dark Language: a Review of "Who Cares? Corporate Governance in Today’s Equity Markets"
James McRitchie, 05/29/2013 ,
(Guest Post by Robert A.G. Monks) Let me tell you about something I read recently called Who Cares? Corporate Governance in Today’s Equity Markets (OECD Work Paper #8) by Mats Isaksson and Serdar Celik. Mats has been a major figure in the corporate governance movement for many years and is one of the key people in […]
Netflix Needs Proxy Access – Proxy Score 10 Out of 100
James McRitchie, 05/28/2013 ,
Netflix, Inc. ($NFLX) is one of the stocks in my portfolio. Their annual meeting is coming up on 6/7/2013. ProxyDemocracy.org had collected the votes of one fund when I checked on 5/25/2013. I voted with management only 10% of the time. View Proxy Statement. NFLX is another supposedly high-tech company with no hyperlinks in their proxy statement. In fact, they don’t even include […]
Google $GOOG – Proxy Score 53
James McRitchie, 05/28/2013 ,
Google (GOOG) is one of the stocks in my portfolio. Their annual meeting is coming up on 6/6/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/23/2013. I voted with management 53% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of […]
Cognizant Technology Solutions $CTSH – Proxy Score 75
James McRitchie, 05/26/2013 ,
Cognizant Technology Solutions (CTSH) is one of the stocks in my portfolio. Their annual meeting is coming up on 6/4/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/23/2013. I voted with management 75% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in […]
Tesla Motors $TSLA – Proxy Score 33
James McRitchie, 05/26/2013 ,
Tesla Motors (TSLA) is one of the stocks in my portfolio. Their annual meeting is coming up on 6/4/2013. ProxyDemocracy.org had collected the votes of two funds when I checked on 5/26/2013. I voted with management 33% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor […]
Video Friday: Joseph Stiglitz – The Price of Inequality
James McRitchie, 05/23/2013 ,
From a friend: He came to the SEC a month ago and gave such an awesome talk about his new book, The Price of Inequality: How Today’s Divided Society Endangers Our Future … incredible talk. This guy is serious, Nobel Prize in economics and whatnot. He’s talking about industry entrenchment, the finance industry, manipulation of government, […]
Proposals to Address Fugitive Methane Receive Strong Shareowner Support
James McRitchie, 05/23/2013 ,
A series of strong shareholder votes have sent a clear message that natural gas companies must do much more to address fugitive methane leakage and management. Shareholder proposals asking Houston-based Spectra Energy $SE, Tulsa-based Oneok $OKE, and Fort Worth-based Range Resources $RRC to issue reports on how they are managing high-climate-change-impact methane emissions have received favorable […]
Conversion: Fossil Free Endowments
James McRitchie, 05/23/2013 ,
About a month ago, I posted a piece aimed at getting students and alumni at Harvard (and hopefully at other universities) to advocate for more democratic endowments. In my zeal to focus on endowment governance, I was far too dismissive of the movement at Harvard and hundreds of universities to divest of fossil fuels. While […]
PRI Vacancies
James McRitchie, 05/22/2013 ,
There are a number of vacancies at the PRI Initiative. As always, you can keep up to date on vacancies at the PRI by visiting their website. • Director of Policy and Research – position summary • European Network Manager – position summary (more…)
Dreamworks Animation $DWA: Vote One-Vote Per Share Plan – Proxy Score 42
James McRitchie, 05/22/2013 ,
Dreamworks Animation Skg Inc (DWA) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/29/2013. ProxyDemocracy.org had collected the votes of one fund when I checked on 5/17/2013. I voted with management 42% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor […]
Ellie Mae Inc $ELLI: Proxy Score 40
James McRitchie, 05/22/2013 ,
Ellie Mae Inc (ELLI) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/29/2013. ProxyDemocracy.org had collected the votes of one fund when I checked on 5/19/2013. I voted with management 40% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor […]
CII Sticks Up For Retail Investors on Blank Votes, Phony VIF Ballot Titles & Biased Vote Reporting
James McRitchie, 05/21/2013 ,
Has the Council of Institutional Investors (CII) turned over a new leaf or am I only beginning to notice because they recently came out publicly agreeing with me? Three years ago a group of us petitioned the SEC to clarify that the same rules that apply to proxies also apply to voter information forms, VIFs. […]
The Home Depot, Inc. $HD: Proxy Score 81
James McRitchie, 05/20/2013 ,
The Home Depot, Inc. (HD) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/23/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/16/2013. I voted with management 81% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in […]
NextEra Energy, Inc. $NEE: Proxy Score 69
James McRitchie, 05/20/2013 ,
NextEra Energy, Inc. (NEE) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/23/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/16/2013. I voted with management 69% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor […]
Amazon.com, Inc. (AMZN): Proxy Score 64
James McRitchie, 05/20/2013 ,
Amazon.com, Inc. ($AMZN) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/23/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/16/2013. I voted with management 64% of the time. View Proxy Statement (high tech AMZN but no hyperlinked index). Warning: Be sure to vote each item on the proxy. Any items left […]
Proto Labs Inc (PRLB): Proxy Score 100
James McRitchie, 05/20/2013 ,
Proto Labs Inc ($PRLB) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/23/2013. ProxyDemocracy.org had collected the votes of two funds when I checked on 5/15/2013. I voted with management 100% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of […]
Video Friday: Douglas Park on Corporate Governance
James McRitchie, 05/17/2013 ,
Alan Olsen interviewed corporate governance expert Douglas Park for his radio program, American Dreams: Keys to Life’s Success radio show. Each week expert guests join Alan as they discuss how to make businesses thrive during challenging economic times and overcoming adversity. What is corporate governance and what should startups be doing to use it to […]
Fossil Fuel-Free Portfolios Wanted
James McRitchie, 05/16/2013 ,
Over half of sustainable, responsible, impact (SRI) investment industry professionals say that retail investors (65 percent) and institutional investors (53 percent) are currently expressing interest in fossil fuel-free portfolios in the face of growing signs of climate change, according to First Affirmative Financial Network’s Fossil Fuels Divestment Survey. (more…)
Goldman Sachs (GS): Vote for Proxy Access
James McRitchie, 05/16/2013 ,
Goldman Sachs ($GS) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/23/2013. ProxyDemocracy.org had collected the votes of two funds when I checked on 5/15/2013. I’ll check back and may post again on GS before the voting deadline, depending on developments. I voted with management 26% of the time. View Proxy Statement. Warning: Be sure […]
Juniper Networks, Inc. (JNPR): Proxy Score 80%
James McRitchie, 05/16/2013 ,
Juniper Networks, Inc. ($JNPR) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/21/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/13/2013. I voted with management 80% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor […]
American Tower Corp (AMT): Proxy Score 100
James McRitchie, 05/16/2013 ,
American Tower Corp ($AMT) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/21/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/13/2013. I voted with management 100% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor […]
3D Systems Corporation (DDD): Proxy Score 90
James McRitchie, 05/16/2013 ,
3D Systems Corporation ($DDD) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/21/2013. ProxyDemocracy.org had collected the votes of two funds when I checked on 5/13/2013. I voted with management 90% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor […]
How I Voted: Union Pacific Corporation (UNP) – Proxy Score 56
James McRitchie, 05/16/2013 ,
Union Pacific Corporation ($UNP) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/16/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/13/2013. I voted with management 56% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted […]
iRobot Corporation (IRBT) Shareowners Should Vote for Proxy Access
James McRitchie, 05/15/2013 ,
iRobot Corporation ($IRBT) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/22/2013. ProxyDemocracy.org had collected the votes of no funds when I checked on 5/13/2013. I’ll check back and may post again on IRBT before the voting deadline. I voted with management 40% of the time. View Proxy Statement. Warning: Be sure to vote each […]
My Notes from Ceres Conference 2013
James McRitchie, 05/15/2013 ,
Let’s just label these notes as “for entertainment purposes only.” Attending the conference was a real pleasure. Unfortunately, I was too busy catching up with people to take more than impressionistic notes at a few of the discussions. Prepare to be frightened about global climate change and our irresponsibly slow pace addressing the catastrophic consequences […]
Johnson & Johnson (JNJ) Responds to My Voting Advice
James McRitchie, 05/14/2013 ,
Guest Post from Douglas K. Chia, Assistant General Counsel & Corporate Secretary, Johnson & Johnson and formerly named a Rising Star of Corporate Governance by the Ira M. Millstein Center for Global Markets and Corporate Ownership. I wish a representative of every company would send such a thoughtful response to my voting advice. I’ve placed my response in italics. Here […]
How I Voted: Chipotle Mexican Grill (CMG) – Proxy Score 38
James McRitchie, 05/14/2013 ,
Chipotle Mexican Grill ($CMG) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/17/2013. ProxyDemocracy.org had collected the votes of three funds when I checked on 5/13/2013. I voted with management 38% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor […]
Maximizing Shareholder Value: The Workaround from Bartley J. Madden
James McRitchie, 05/14/2013 ,
One of my favorite independent thinkers is Lynn Stout. Last year I reviewed her excellent book, The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations, and the Public, which makes the point that “U.S. corporate law does not, and never has, required directors of public corporations to maximize shareholder value.” I ended with the […]
How I Voted: ITC Holdings Corp. (ITC) – Proxy Score 50%
James McRitchie, 05/13/2013 ,
ITC Holdings Corp. ($ITC) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/15/2013. ProxyDemocracy.org had collected the votes of two funds when I checked on 5/9/2013. I voted with management 50% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor […]
For Mother's Day, Tell McDonald's (MCD) to Stop Predatory Marketing to Kids
James McRitchie, 05/11/2013 ,
When it comes to fast-food marketing to children, McDonald’s ($MCD) is one of the worst offenders. For decades, the fast food giant has profited richly at a staggering cost to our children’s health. Corporate Accountability International‘s latest initiative is rallying moms across the country to call on McDonald’s CEO Don Thompson to stop the corporation’s predatory […]
How I Voted: Morningstar (MORN) – Proxy Score 100%
James McRitchie, 05/10/2013 ,
Morningstar (MORN) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/14/2013. ProxyDemocracy.org had collected the votes of four funds when I checked on 5/9/2013. I voted with management 100% of the time. View Proxy Statement. Warning: Be sure to vote each item on the proxy. Any items left blank are voted in favor of management’s recommendations. […]
How I Voted: Scripps Networks Interactive (SNI) – Proxy Score 25%
James McRitchie, 05/10/2013 ,
Scripps Networks Interactive, Inc. ($SNI) is one of the stocks in my portfolio. Their annual meeting is coming up on 5/14/2013. ProxyDemocracy.org had collected the votes of four funds when I checked on 5/9/2013. I voted with management 25% of the time. View Proxy Statement (no hyperlinked index… no index at all). Warning: Be sure to vote each item on the proxy. Any […]